“史上最强”！零跑、小鹏，交卷！

Core Insights - Both Leap Motor and Xpeng Motors reported their strongest Q3 results in history, with Leap Motor's revenue at 19.45 billion RMB and Xpeng's at 20.38 billion RMB, reflecting year-on-year growth of 97.3% and 101.8% respectively [2][11] - Leap Motor achieved profitability for two consecutive quarters, with a net profit of 150 million RMB in Q3 2025, while Xpeng's net loss decreased to 380 million RMB [2][11] Leap Motor Highlights - Leap Motor's Q3 2025 net profit was 150 million RMB, a significant improvement from a net loss of 690 million RMB in Q3 2024 [2][3] - The company reported a total vehicle sales of 173,900 units in Q3 2025, marking a year-on-year increase of 101.77% and a quarter-on-quarter increase of 29.63% [5] - Leap Motor's gross margin rose to 14.5% in Q3 2025, up from 8.1% in Q3 2024 and 13.6% in Q2 2025 [8] - The company anticipates total sales for 2025 to exceed 600,000 units, having already surpassed its initial target of 500,000 units by mid-November [9] Xpeng Motors Highlights - Xpeng's Q3 2025 net loss was 380 million RMB, down from 480 million RMB in Q2 2025 and 1.81 billion RMB in Q3 2024 [11][18] - The company achieved a record delivery of 116,007 units in Q3 2025, representing a year-on-year growth of 149.3% [13][15] - Xpeng's gross margin reached a historical high of 20.1% in Q3 2025, an increase of 4.8 percentage points year-on-year [17] - The company projects Q4 2025 deliveries between 125,000 and 132,000 units, indicating a year-on-year growth of 36.6% to 44.3% [15] Industry Trends - The new energy vehicle sector is witnessing a significant focus on profitability among leading manufacturers, with both Leap Motor and Xpeng Motors demonstrating improved financial performance [2][10] - The automotive industry's scale effects are becoming increasingly evident, with rising sales volumes contributing to enhanced gross margins for manufacturers like Leap Motor [7]